17 / 18
GENERAL NEWS
AFIAAR ADOPTS STRATEGY FOR CONTINENTAL
INTEGRATION OF ACCOUNTING AND AUDITING
REGULATION
The African Forum of Independent Accounting and Auditing
Regulators (AFIAAR) adopted its vision and strategy for the future of
independent accounting and auditing regulation on the continent at
a two-day meeting recently held in Maputo, Mozambique.
AFIAAR chairman Admire Ndurunduru of the Public Accountants’
and Auditors’ Board in Zimbabwe welcomed delegates to the first
meeting of member countries since the AFIAAR Charter was signed.
He introduced Professor Mario Sitoe, the President of the Institute
of Chartered Accountants and Auditors Mozambique (OCAM) who
delivered an opening address on behalf of the host country.
“AFIAAR is a young institution with the intention to promote joint
effort in strengthening audit and accounting on the continent. We
are very grateful to be the host and are committed to transparency
in the interest of economic growth. Our profession has a big
responsibility as it allows economies and companies to contribute
towards prosperity for the country. Mozambique is a member of this
platform and intends to collaborate and be part of this one voice on
the continent,” said Prof Sitoe.
According to Mr Ndurunduru, the AFIAAR achieved the objectives
of the first working meeting, and these were to develop and adopt
a vision for Africa, agree to and adopt a market strategy for the next
two years and establish working groups in each of the key work
streams to propose and plan activities that will contribute towards
the objectives of the forum.
“Against the battered image of the profession, it is important to
recognise that things do not change unless we change them,” he
said. “It is vital that all members actively participate and get involved
in building AFIAAR as a credible institution which will instil the much
needed confidence in the accounting and auditing profession.
Oversight bodies, together with the profession, must promote
transparency and effectiveness and support each other and our
governments in the fight against corruption.”
AFIAAR vice-chairman and IRBA CEO Bernard Agulhas noted the
following: “AFIAAR has already achieved significant milestones,
such as formulating and signing our charter at its inaugural meeting.
Founding members play a critical role in keeping the momentum of
such an organisation and driving its initiatives forward, so we are
pleased that eight of the 11 founding country members were present
and gave input into the two-year strategy that was unanimously
adopted. This bodes well for the continental integration of audit
and accounting oversight in Africa, as well as improved financial
reporting and governance, which must create confidence in our
capital markets and ultimately contribute towards economic growth
in participating countries.”
CONTINENTAL INTEGRATION: Delegates at the AFIAAR meeting held in Mozambique, where further progress
was made on the objectives of the forum.
Issue 43 | July-September 2018
17